The rising cost of benefit plans are challenging for everyone.
Prescription medication costs have grown significantly in recent years, making it more challenging for employers to provide the same level of coverage for all drugs.
Do you feel like your company can’t keep up with the rising cost of benefit plans? You’re not alone.
Private drug spend is growing 2x faster than the economy.
Gross Domestic Product (GDP) 1 Private Plan Total Drug Spend (Brands & Generics) 2 Sources adapted from: 1. Statistics Canada. Table: 36-10-0434-01. 2. QuintilesiMS, Canadian Drugstore and Hospital Audit. YTD September 2017; Forecast Update 2017.
*Average annual growth rate 2013-2017.
What's driving up the costs?
Specialty medications are sophisticated, high cost drugs for less common (and often very serious) conditions, for which traditional drugs are either not effective or not available. The specialty drug market is rapidly expanding, driving up the overall cost of drug plans.
Chronic diseases like diabetes, cardiovascular disease, and hypertension are becoming more and more common, putting increased pressure on health plans.
As chronic disease increases in prevalence, so too, does the use of prescription medications. Their increased use drives up the cost of drug plans.
You’re stuck between a rock and a hard place.
And you are under pressure to provide
GREATER health support with LESS.
Employees want more from their benefits plan
Leadership needs to control costs